Pensions  

Prime Minister vows to fix social care crisis

“For many, the key assurance they want is that under new rules they won’t have to sell the family home to pay for social care.”

But Gordon Andrews, tax and financial planning expert at Quilter, noted even if the green paper is published soon, this will be “just the first stage in a long process towards shifting policy and finding a solution”.

He said: “There will need to be a consultation and a white paper and that’s all before we actually implement a timeframe to have a new system up and running.”

Mr Andrews said social care was a two-pronged issue.

He added: “It’s a problem for those of whom the prospect of needing later life care is right around the corner and those starting to accumulate wealth.

“Arguably more for the former than the latter, as they have minimal time to may need to hundreds of thousands of pounds from their savings and assets. The paper needs to address both.

“In some respects something akin to the pension system would be sensible. A flat state provision for all, topped up by self-funding, which is encouraged by the state and workplace.”

maria.espadinha@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.